According to Tellabs, "acting" Chief Financial Officer Tom Minichiello is resigning from the company on July 12 to become the permanent CFO of Westell. Tellabs said in a statement that it is already searching for a replacement.

As for Westell, at the same time as it announced its new hire, the company made a filing with the SEC detailing the compensation it intends to pay Minichiello. In addition to a $300,000 annual base salary, Minichiello will receive:

An annual bonus targeting 60% of his base salary.

250,000 restricted stock units vesting over four years.

90,000 stock options, likewise vesting over four years.

Performance stock units targeted at 40,000, but ranging in size from 0% to 200% of that number, depending on how Westell performs during Minichiello's tenure from 2014 to 2017.

Westell noted further than Minichiello will officially become its new CFO on July 16.

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I would have preferred: TLAB loses a high overhead parasite; Westell Gains One"

There are atleast another 10 highly paid slackers at cash rich, technology rich TLAB; hope Westell picks them up to. These parasites is what is holding this stock way under book value. Which is why Marty Whitman's Third Ave Fund is such a large holder.